Tesco's Save As You Earn share scheme payout leaves 9,000 top savers £6,000 better off
David Woods, 04 February 2010
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Tesco staff are to share in a £144 million payout from their Save As You Earn (SAYE) share scheme.
More than 55,000 members of staff, who have saved between £5 and £50 a month for the past five and three years, are sharing returns of 100% and 44% for each scheme respectively.
More than 9,000 top savers, who have contributed the maximum £50 every month for the past five years, a total of £3,000 each, will receive £6,000-plus. The strong return reflects the fact that, even in difficult market conditions, Tesco's share price has remained resilient, closing at £4.22 on 1st February when the two schemes matured.
Because it offered an incentive to save money for the future, staff take-up for the Tesco SAYE scheme across the UK and Republic of Ireland in 2009 reached over 77,000 - 8,000 more than the previous year - all of whom will receive a pay out, or have the opportunity to retain their shares when the schemes mature in 2013 and 2015.
David Potts, retail director for Tesco, said: "Tesco's Save As You Earn scheme has really delivered for thousands of employees this year. With reports suggesting that 2010 could be another year of stretching personal budgets for many people, today's returns will be a very welcome boost to income and are well deserved for the continued dedication and hard work of our colleagues."
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